The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1887-10-22
Money and Business.


The money market is still the all-im-
portant feature of the business world,
though there is no cause for immediate
anxiety, nor future either, for that mat
ter-if the question is considered proper
ly. The one uncertain element is the
policy that the Government will adopt
in releasing surplus funds, now that this
years provisions for the sinking fund
have been taken care Of The Govern
ment must continue to disburse money
very largely, for the receipts of the
Treasury are enormously in excess oil
the ordinary expenses. This is the sea-
son when business enterprises require all
the money that can be obtained, and it is
essential to prosperity that the money
market be kept supplied with funds.
The Government has no need of the
revenue collected over and above an
amount sufficient to meet the running
expenses of the different departments.
At present the money market is easy
enough, but with the demands for funds
from all sections of the country and the
Government accumulations, stringency
would soon again characterize the con-
dition of the market, unless the Govern
ment continues in its effort to keep its
surplus. The shipment OF funds to the
South and West from New York still
continues. though the contrary move
ment should naturally begin very soon.
There is slight movement of gold from
Europe, but this cannot be counted on to
last long. The Secretary of the Treasury
must continue to purchase bonds, as he
undoubtedly has the right to do, and
thus keep the money market in good
trim.
The next important feature is the sale
of the Baltimore and Ohio telegraph
lines to the Western Union Company
Notwithstanding the effort made, after
this transaction was announced as
completed, to convince the public
that the transfer could not be made, there
can be no doubt but that the sale was
consummated as first published. Out
side of the effect of the sale on the stock
market, the moral influence on general
trade was great, as the transaction
cleared up difficulty of long standing,
though it had, in a great measure, been
discounted. In the same direction, pro-
gress has been made in the financial re-
construction of the Reading Road and
the settlement of the Western railroad
rate troubles, relative to the non-pay>
ment of commissions, is almost complete
All these matters tend to keep business
In somewhat unsettled state, though,
of course, their influence is greatest on
the stock market. There continues to be
an enormous output OF iron, the weekly
product for the latter part of September
being 114,638 tons, gain of 1876 per
cent. over the output for the same time
last year. Notwithstanding this in
crease and the heavy importations, the
price holds firm, which indicates a
healthy demand for the product at least.
Steel rails are offered by some OF the
Eastern mills as low as thirty-fve dol
lars for the next years delivery, but this
is in anticipation of a falling off in de-
mand, which may or may not come.
A feature of the past. which Fortunate
ly has left very little to mar the present
condition of things, is the report of fail
ures. At present, these casualties are
very light, and, as rule. insigniacantlin
the East, while they re.more numerous
in the South and West. For the quarter
ending with the first of October, they
were more serious than is generally
realized. The average liabilities of all
bankrupts during the three months
referred to, as compared to the number
of firms in business, is shown to have
been larger than for any previous three
months since 1878. with the exception of
the second quarter of 1884, when the
Grant & Ward collapse occurred. It is
an incident of no small Importance that
the failures could have been so heavy as
they were last Summer without leaving
any serious disturbance, thus testifying
to the strength of the country's material
affairs. The crops for this year have not
been as heavy as It was to be expected
khav rvan1d hn huf fIo chort,,arc iu 80
sufficient to cause alarm. Wheat adj
vanced slightly last week and cotton de-
clined less. The distribution of dry
goods still continues as heavy as it has
been of late. Railroad earnings are well
on the line of previous re-
ports and indicate heavy distribution
IF products throughout the country
Daiiy Advevtisey.
Judge Joel Parker, while on the train